First home buyers checklist
Your first home buyers’ checklist
Buying your first home is an exciting and empowering experience, but it can also be overwhelming. There’s a lot of information you need to know and essential details to look out for. We’ve put together a first home buying checklist to make the process of buying your first home enjoyable and stress-free.
Our comprehensive checklist for buying your first home will take you through all the key details of owning your own home, including the age-old question of house vs apartment.
Things to know before buying an apartment or house
When buying your first home, you need to consider whether this will be a property for you to live short term, long term, or if this is an investment property. Defining these three factors will help you decide which type of property will suit you best.
The right location for you
Buying your first home in the right location is one of the most important things to consider on your checklist.
Is it close to transport, schools and amenities? Are there plans for the surrounding areas or any potential risks to consider? For example, a new metro train station planned nearby will add value to your home. But if you have a metro train station next door to your property and there are noise concerns, that could impact your capital growth.
Before deciding on your location you need to consider all of these factors. Properties with great transport links and near schools and amenities will always interest investors. Rental prices in Sydney are at an all-time high. This means that now is the time to secure a property to meet the demands of the rental market and capitalise on this growing trend. Suburbs on the rise include Parramatta, Liverpool, Schofields and Edmondson Park.
Maintenance costs for your first home
More and more new home buyers, investors and renters are choosing to move into brand-new apartments and it’s easy to see why.
The apartment itself comes with the latest modern conveniences and technology. The added bonus is that the surroundings of the property, including amenities like swimming pools and communal gardens, are all maintained for you. This means you can enjoy your property on your days off and not slave away working on renovations or ongoing maintenance.
Community feel, neighbourhood safety and security
In your checklist for buying your first home, you also need to research how secure the area is and if it has a friendly neighbourhood feel. Even as an investor, these characteristics are going to be very attractive to your rental market.
The benefit of buying an apartment vs buying a house is that you already have that in-built sense of community and security around you. New apartment builds have common areas where residents can gather and socialise. This fosters a communal, village atmosphere that is often missed with standalone houses.
Trends show that more than 75% of workers are embracing remote workplaces. To best take advantage of this, people need a strong social community around them at home. Increased demand for new apartment builds reflects this trend.
Will you buy an apartment or a house?
Your personal preference will make it easier to choose between buying an apartment and a house. We recommend looking at the area you want to move into, and seeing what’s within your budget. In some cases, apartments will have less square footage yet a more effective floor plan. Larger homes will cost more to heat and cool, and will have expensive ongoing maintenance.
Any amenities that you have at a house, including a yard and a pool, will require constant upkeep. In an apartment building, this is all taken care of for you.
If you’re buying your first home, an apartment is not only going to save you money upfront, it will also save you money throughout the time you own the property. This gives you more opportunity to expand your property portfolio, without sacrificing any of the luxuries that come with a new home.
Available government grants, benefits and incentives for first home buyers
The Australian Government is committed to helping first homeowners get into the property market. The grants, benefits and incentives will vary depending on your state and territory. Please contact your state government or ALAND representative to find out the latest incentives available to you:
- NSW first home buyer benefits
- VIC first home buyer benefits
- QLD first home buyer benefits
- ACT first home buyer benefits
- SA first home buyer benefits
- WA first home buyer benefits
- NT first home buyer benefits
- TAS first home buyer benefits
Learn what you need to know with the first home buyers checklist
Don’t let buying your first home be an overwhelming experience. Buying an apartment can be a great way to get your foot in the door of Australia’s thriving real estate market. When considering your checklist for buying your first home, you need to ensure that your property is within your budget.
Save money by buying your property off the plan and starting small. This is the first step in your property ladder journey, so it doesn’t need to be the mansion you dream of just yet.
Sometimes buying your first home is not about buying a home for you to live in; it’s helping you take the first step in homeownership. Chat with our development team about our secure investment options if you’re currently renting and have a large family.
Follow our checklist for buying your first home: this will help you grow your portfolio over time.
How to make the process of buying your first home easy
When you’ve found your first property to buy, and you’ve been through our checklist for buying your first home, your next step is finance. Discuss finances with your bank or financial institution and make an offer on the property.
For advice and support on the Sydney property market, chat with our friendly team at ALAND to learn about our latest opportunities. Take a look at our ultimate guide to buying an apartment in Sydney to see our up and coming locations.